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Sony Financial Soars in Tokyo Direct Listing After Sony Spin-Off

The carve-out leverages a 2023 tax change enabling partial spin-offs, marking Japan’s first direct listing in more than two decades.

Overview

  • The stock opened at ¥205 versus a ¥150 reference and climbed as high as ¥210 before trading around ¥201.6 by 10:30 a.m. in Tokyo.
  • Heavy buy orders left the shares untraded at the start, with the first transaction crossing at 10:13 a.m.
  • Sony distributed Sony Financial shares to its investors as dividends in kind, finalizing the separation of the banking and insurance unit.
  • Sony Financial announced a share repurchase of up to ¥100 billion following the market debut.
  • Sony Group is refocusing on entertainment across games, films and music, and on sustaining its lead in image sensors.